Jacobs resigns as Genmar CEO

Irwin Jacobs has stepped down as CEO of Genmar Holdings to avoid a potential conflict of interest as he pursues a purchase of the company.

In a letter dated Monday, Nov. 9, company president Roger Cloutier says the change was effective Nov. 6.

"Given the circumstances surrounding Genmar as it moves forward in the sale of the company's business and non-core assets, this change in Mr. Jacobs' role was made in the best interest of all constituents," Cloutier said.

Cloutier adds that the direction of the company should become clearer in the next few weeks.